Several factories and businesses in Nigeria may be forced to shut down due to the ongoing energy crisis, which has led to diesel prices exceeding N1,100 per litre. The situation is being further worsened by the foreign exchange crisis, the floating of the naira, and the rising prices of alternative energy sources such as Liquified…
Lagos, August 18, 2023 — The Central Bank of Nigeria (CBN) has announced the implementation of a new Foreign Exchange Price Verification System, aimed at enhancing transparency and accessibility to foreign exchange (forex) for importers. This move comes as part of the apex bank’s ongoing efforts to streamline the foreign exchange process and ensure a…
The rejection of President Bola Tinubu’s request to deploy Nigerian troops in Niger Republic by the Nigerian Senate has brought the potential military intervention into focus. As we delve deeper into the issue, it is essential to consider updated details and relevant information available online. The economic implications of a military incursion in Niger Republic…
The Naira yesterday depreciated by 16 per cent to N770.38 per dollar in the Investors and Exporters (I&E) window following a surge in demand for dollars worsened by acute supply shortage.Data from the FMDQ showed that the indicative exchange rate for the window rose to N770.38 5 per dollar from N663.04 per dollar last week…
Airfares on Nigeria routes to various destinations in Europe, North America, Middle East and other foreign cities have skyrocketed as exchange rate for ticket pricing hits N702/$, according to findings by News providersThe development came barely one week after the Central Bank of Nigeria floated the naira and directed commercial banks to sell foreign exchange…
The federal government has issued licences to the NNPCL Exploration and Production Ltd. and Belema Sweet Export Terminal Ltd to establish crude export terminals.The licences were approved and issued to the companies on Tuesday in Abuja by Farouk Ahmed, Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).The NNPCL Exploration and…
The Central Bank of Nigeria (CBN) has devalued the Naira to N631 to the dollar from N461.6 it sold at the Importers and Exporters (I&E) window the previous day, Daily Trust is reporting. This comes 48 hours after President Bola Ahmed Tinubu announced the plans of the federal government to unify the country’s exchange rate…
